Join IPA’s Offshore Wind Industry Cost and Schedule Benchmarking Study

Independent Project Analysis (IPA) is launching an Offshore Wind Industry Cost and Schedule Benchmarking Study. The multi-client research study will establish cost and schedule benchmarks for both recently completed and currently ongoing offshore wind projects that are in development. The companies that participate in this study will gain insights into how their projects’ cost and schedule performance and estimates compare to the competition, and how to set competitive, yet achievable targets for future investments.

The International Renewable Energy Agency forecasts average annual offshore wind investments to reach US$61 billion per year until 2030. As investments grow, governments will be paying closer attention to the sector’s ability to deliver reliable, timely, and cost-effective assets. Although the cost of new offshore wind projects have been steadily falling over the past few years, concerns are growing that further cost improvement will not follow a similar steep trend. Projects will move further offshore into deeper waters; the supply chain will become more constrained due to rising demand; and technology improvements, like blade size might be reaching their upper limits.

For asset owners, project developers, and capital investors, remaining competitive in this environment requires decision making based on reliable industry data rather than incomplete, non-normalized public data. This study will utilize the database of offshore wind projects executed in various time-periods to evaluate historical trends to create a baseline for future predictions.  Our models will take into consideration the pace of technological change, supply chain capability and changes in project complexity.

Companies that participate in the Offshore Wind Cost and Schedule Benchmarking Study will receive a confidential report that includes real industry capital cost and schedule benchmark data for offshore wind farms and their components (e.g., substations/converter stations, subsea cables, wind turbine foundations, and wind turbines). All benchmarks will be strictly confidential to each participating company.

How to Join the Offshore Wind Benchmarking Study

Participating in this first phase of the study is free of charge, but companies are required to provide data to receive the benchmarks. The study is scheduled to kick off in early 2022. Complete the Get More Details form below to express interest in joining.